On October 1, 2016, Lee's Electronic sold merchandise in exchange for a 4 month, $10,000 note receivable, with 6% interest. Interest revenue of $200 is earned in 2017

Indicate whether the statement is true or false

FALSE .2016 Interest Revenue: $10,000 x 0.06 x 3/12 = $150
2017 Interest Revenue: $10,000 x 0.06 x 1/12 = $50

Business

You might also like to view...

Many American car buyers perceive Korean cars as:

A) durable. B) cheap. C) reliable. D) of high quality. E) good investment.

View
Business

A service station that focuses on foreign car repairs utilizes a differentiated marketing strategy

Indicate whether the statement is true or false

View
Business